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Bill would narrow potential liability for appraisers; sponsors cite workforce decline
Summary
House Bill 2,477 would set a short limitations period for most causes of action arising from appraisal reports and restrict who may sue appraisers; sponsor and appraiser groups argued the change would reduce onerous recordkeeping and insurance burdens amid declining appraiser numbers.
House Bill 2,477, presented to the Consumer Protection and Business Committee, would require causes of action against appraisers, trainees, appraisal companies, and appraisal management companies arising from an appraisal report to be brought within a new statutory period — as briefed, staff described a 2‑year rule for most claims while preserving a longer discovery rule for fraud.
Peter Klotfelter, committee staff, told…
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